TVA GROUP REPORTS CONSOLIDATED RESULTS FOR Q2 2024
Highlights
Second quarter 2024
-
$143,951,000 in revenues, a$5,191,000 (3.7%) increase compared with the second quarter of 2023. -
$2,905,000 (-$0.07 per basic share) net loss attributable to shareholders, a$4,942,000 ($0.11 per basic share) favourable variance compared with the same quarter of 2023. -
$13,170,000 in consolidated adjusted EBITDA,1 a$17,013,000 favourable variance compared with the same quarter of 2023. -
$7,624,000 in adjusted EBITDA1 in the Broadcasting segment, a$12,163,000 favourable variance mainly due to a favourable retroactive adjustment of royalty rates of the "LCN" channel, as well as some cost savings that more than offset the decrease in advertising revenues. -
$5,425,000 in adjusted EBITDA1 for the Film Production & Audiovisual Services segment ("MELS"), a$5,838,000 favourable variance primarily due to higher volume of soundstage and equipment rental activities, with major productions filming at our studios. -
$272,000 in adjusted EBITDA1 in the Magazines segment, a$37,000 unfavourable variance due mainly to lower revenues, partially offset by cost savings. -
$260,000 in negative adjusted EBITDA1 for the Production & Distribution segment, an$842,000 unfavourable variance mainly due to a decrease in gross margin for Incendo, partially offset by savings in administrative expenses. - During the second quarter of 2024, the Corporation performed an impairment test on the Production & Distribution cash-generating unit due to the competitive industry environment and the slowdown in its volume of activities. The Corporation concluded that the recoverable amount of the unit was less than its carrying amount and a goodwill impairment charge of
$7,781,000 was recorded.
__________________________________ |
1 See definition of adjusted EBITDA below. |
"While we are beginning to realize the savings associated with the reorganization initiatives we announced last year, it is important to note that our improved performance is largely due to the retroactive adjustment of royalty rates for the "LCN" channel, as well as the return of foreign producers to MELS.
"Results in the Broadcasting segment continue to be adversely affected by the decline in our advertising revenues and the many challenges facing the industry. Excluding the "LCN" royalty adjustment, adjusted EBITDA1 for the Broadcasting segment would still have been negative. That's why we're continuing our efforts to obtain fair market value for all our specialty channels, and we're counting on the CRTC's upcoming arbitration decision on royalties for "
"We continue to press government authorities for regulatory relief, the application of which continues to be delayed. This flexibility is all the more necessary to support Canadian broadcasters, especially since the contributions from foreign online companies, required by the CRTC as part of the implementation of the new Broadcasting Act, will not inject any real new money into our system.
"Despite the difficult environment,
"In the Film Production & Audiovisual Services segment, our services continued to be in high demand in the second quarter, particularly our soundstage and equipment rental activities. The Skydance production was completed during the quarter, and MELS is well positioned to attract even more productions with the increase in the film production services tax credit from 20% to 25%.
"The Magazines segment reported a decrease in profitability due to the difficult situation in an industry that has been in decline for a number of years, exacerbated by the reduced government support. Grants from the
"The Production & Distribution segment had a more difficult second quarter than last year and continues to be affected by a slowdown in orders in the U.S. market. The English-language market was particularly hard hit by the pandemic, the labour disputes in the
"In closing, in this year of transition, as we continue to implement our major reorganization plan,
__________________________________ |
1 See definition of adjusted EBITDA below. |
Definition
Adjusted EBITDA
In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income (loss) under IFRS, as net income (loss) before depreciation and amortization, financial expenses (income), restructuring costs and other, income tax expense (recovery) and share of income of associates. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. This measure is used by management and the Board of Directors to evaluate the Corporation's consolidated results and the results of its segments. This measure eliminates the significant level of depreciation and amortization of tangible and intangible assets, including any asset impairment charges, as well as the cost associated with one-time restructuring measures, and is unaffected by the capital structure or investment activities of the Corporation and its segments. Adjusted EBITDA is also relevant because it is a significant component of the Corporation's annual incentive compensation programs. The Corporation's definition of EBITDA may not be the same as similarly titled measures reported by other companies.
Forward-looking information disclaimer
The statements in this news release that are not historical facts may be forward-looking statements and are subject to important known and unknown risks, uncertainties and assumptions which could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements generally can be identified by the use of the conditional, the use of forward-looking terminology such as "propose," "will," "expect," "may," "anticipate," "intend," "estimate," "plan," "foresee," "believe" or the negative of these terms or variations of them or similar terminology. Certain factors that may cause actual results to differ from current expectations include the possibility that the reorganization plan announced on
The forward-looking statements in this document are made to give investors and the public a better understanding of the Corporation's circumstances and are based on assumptions it believes to be reasonable as of the day on which they were made. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements.
For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings, available at www.sedarplus.ca and www.groupetva.ca, including in particular the "Risks and Uncertainties" section of the Corporation's annual Management's Discussion and Analysis for the year ended
The forward-looking statements in this news release reflect the Corporation's expectations as of
The Condensed Consolidated Financial Statements as at
TVA GROUP INC. |
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CONSOLIDATED STATEMENTS OF LOSS |
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(unaudited) |
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Three-month periods |
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Six-month periods |
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(in thousands of Canadian dollars, except per-share amounts) |
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ended June 30 |
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ended June 30 |
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Note |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
2 |
$ |
143,951 |
$ |
138,760 |
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$ |
273,112 |
$ |
274,863 |
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Purchases of goods and services |
3 |
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103,405 |
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108,544 |
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221,961 |
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232,286 |
Employee costs |
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27,376 |
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34,059 |
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57,282 |
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70,397 |
Depreciation and amortization |
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5,592 |
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6,973 |
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11,802 |
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14,155 |
Financial expenses (income) |
4 |
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1,513 |
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(43) |
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2,751 |
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(161) |
Restructuring costs and other |
5 |
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7,850 |
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120 |
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5,958 |
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1,022 |
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Loss before income taxes (income tax recovery) and share of |
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income of associates |
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(1,785) |
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(10,893) |
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(26,642) |
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(42,836) |
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Income taxes (income tax recovery) |
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1,461 |
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(3,006) |
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(5,215) |
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(11,325) |
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Share of income of associates |
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(341) |
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(40) |
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(619) |
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(131) |
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Net loss attributable to shareholders |
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$ |
(2,905) |
$ |
(7,847) |
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$ |
(20,808) |
$ |
(31,380) |
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Basic and diluted loss per share attributable |
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to shareholders |
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$ |
(0.07) |
$ |
(0.18) |
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$ |
(0.48) |
$ |
(0.73) |
Weighted average number of outstanding and diluted shares |
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43,205,535 |
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43,205,535 |
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43,205,535 |
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43,205,535 |
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See accompanying notes to condensed consolidated financial statements. |
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TVA GROUP INC. |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
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(unaudited) |
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Three-month periods |
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Six-month periods |
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(in thousands of Canadian dollars) |
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ended June 30 |
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ended June 30 |
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Note |
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2024 |
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2023 |
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2024 |
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2023 |
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Net loss attributable to shareholders |
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$ |
(2,905) |
$ |
(7,847) |
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$ |
(20,808) |
$ |
(31,380) |
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Other comprehensive items that will not be reclassified to loss: |
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Defined benefit plans: |
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Remeasurement gain |
9 |
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2,600 |
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- |
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16,600 |
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- |
Deferred income taxes |
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(700) |
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- |
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(4,400) |
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- |
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1,900 |
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- |
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12,200 |
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- |
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Comprehensive loss attributable to shareholders |
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$ |
(1,005) |
$ |
(7,847) |
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$ |
(8,608) |
$ |
(31,380) |
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See accompanying notes to condensed consolidated financial statements. |
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TVA GROUP INC. |
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CONSOLIDATED STATEMENTS OF EQUITY |
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(unaudited) |
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(in thousands of Canadian dollars) |
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Equity attributable to shareholders |
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Accumulated |
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other com- |
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prehensive |
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income - |
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Capital |
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Contributed |
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Retained |
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Defined |
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Total |
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stock |
surplus |
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earnings |
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benefit plans |
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equity |
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(note 7) |
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Balance as of |
$ |
207,280 |
$ |
581 |
$ |
129,810 |
$ |
55,705 |
$ |
393,376 |
Net loss |
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- |
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- |
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(31,380) |
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- |
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(31,380) |
Balance as of |
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207,280 |
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581 |
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98,430 |
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55,705 |
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361,996 |
Net loss |
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- |
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- |
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(16,511) |
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- |
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(16,511) |
Other comprehensive income |
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- |
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- |
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- |
|
1,863 |
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1,863 |
Balance as of |
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207,280 |
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581 |
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81,919 |
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57,568 |
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347,348 |
Net loss |
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- |
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- |
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(20,808) |
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- |
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(20,808) |
Other comprehensive income |
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- |
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- |
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- |
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12,200 |
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12,200 |
Balance as of |
$ |
207,280 |
$ |
581 |
$ |
61,111 |
$ |
69,768 |
$ |
338,740 |
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See accompanying notes to condensed consolidated financial statements. |
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TVA GROUP INC. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(unaudited) |
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Three-month periods |
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Six-month periods |
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(in thousands of Canadian dollars) |
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ended June 30 |
|
ended June 30 |
||||||
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Note |
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2024 |
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2023 |
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2024 |
|
2023 |
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Cash flows related to operating activities |
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Net loss |
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$ |
(2,905) |
$ |
(7,847) |
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$ |
(20,808) |
$ |
(31,380) |
Adjustments for: |
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Depreciation and amortization |
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5,592 |
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6,973 |
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11,802 |
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14,155 |
Impairment of assets |
5 |
|
7,781 |
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- |
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7,781 |
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- |
Loss (gain) on disposal and write-off of assets |
5 |
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70 |
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- |
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(2,239) |
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- |
Share of income of associates |
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(341) |
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(40) |
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(619) |
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(131) |
Deferred income taxes |
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4,412 |
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(3,204) |
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(2,033) |
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(2,150) |
Other |
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33 |
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43 |
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52 |
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56 |
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14,642 |
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(4,075) |
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(6,064) |
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(19,450) |
Net change in non-cash balances related to operating items |
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(572) |
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(93,040) |
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20,951 |
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(68,103) |
Cash flows provided by (used in) operating activities |
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14,070 |
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(97,115) |
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14,887 |
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(87,553) |
Cash flows related to investing activities |
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Additions to property, plant and equipment |
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(5,844) |
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(210) |
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(8,136) |
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(1,877) |
Additions to intangible assets |
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(2,108) |
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(54) |
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(3,126) |
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(179) |
Disposal of property, plant and equipment |
5 |
|
163 |
|
- |
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|
2,763 |
|
- |
Cash flows used in investing activities |
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(7,789) |
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(264) |
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(8,499) |
|
(2,056) |
Cash flows related to financing activities |
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Net change in bank indebtedness |
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|
(2,622) |
|
6,918 |
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|
776 |
|
9,024 |
Net change in syndicated renewable credit facility |
6 |
|
- |
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- |
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- |
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(8,970) |
Net change of debt due to the parent corporation |
6 |
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(3,000) |
|
91,000 |
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(6,000) |
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91,000 |
Repayment of lease liabilities |
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(509) |
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(525) |
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(1,014) |
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(1,378) |
Other |
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(150) |
|
(14) |
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(150) |
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(67) |
Cash flows (used in) provided by financing activities |
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|
(6,281) |
|
97,379 |
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|
(6,388) |
|
89,609 |
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Net change in cash |
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- |
|
- |
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|
- |
|
- |
Cash at beginning of period |
|
|
- |
|
- |
|
|
- |
|
- |
Cash at end of period |
|
$ |
- |
$ |
- |
|
$ |
- |
$ |
- |
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Interest and income taxes reflected as operating activities |
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Net interest paid |
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$ |
2,085 |
$ |
258 |
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$ |
3,868 |
$ |
556 |
Income taxes paid |
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|
78 |
|
1,338 |
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|
443 |
|
2,547 |
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|
|
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|
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See accompanying notes to condensed consolidated financial statements. |
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TVA GROUP INC. |
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CONSOLIDATED BALANCE SHEETS |
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(unaudited) |
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(in thousands of Canadian dollars) |
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Note |
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2024 |
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|
2023 |
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Assets |
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Current assets |
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Accounts receivable |
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$ |
139,478 |
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$ |
154,065 |
Income taxes |
|
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|
15,317 |
|
|
12,738 |
Audiovisual content |
|
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|
117,800 |
|
|
140,696 |
Prepaid expenses |
|
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|
5,607 |
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|
3,408 |
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|
278,202 |
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|
310,907 |
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Non-current assets |
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Audiovisual content |
|
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|
84,751 |
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|
80,373 |
Investments |
|
|
|
12,861 |
|
|
12,242 |
Property, plant and equipment |
|
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|
147,118 |
|
|
141,899 |
Intangible assets |
|
|
|
8,229 |
|
|
9,060 |
Right-of-use assets |
|
|
|
6,161 |
|
|
6,784 |
Goodwill |
|
5 |
|
9,102 |
|
|
16,883 |
Defined benefit plan asset |
|
9 |
|
54,804 |
|
|
39,867 |
Deferred income taxes |
|
|
|
6,156 |
|
|
8,495 |
|
|
|
|
329,182 |
|
|
315,603 |
Total assets |
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|
$ |
607,384 |
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$ |
626,510 |
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Liabilities and equity |
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Current liabilities |
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|
|
Bank indebtedness |
|
|
$ |
952 |
|
$ |
176 |
Accounts payable, accrued liabilities and provisions |
|
|
|
127,302 |
|
|
130,054 |
Content rights payable |
|
|
|
42,733 |
|
|
42,417 |
Deferred revenues |
|
|
|
5,757 |
|
|
8,444 |
Income taxes |
|
|
|
573 |
|
|
1,619 |
Current portion of lease liabilities |
|
|
|
1,981 |
|
|
1,876 |
Current portion of debt due to the parent corporation |
|
6 |
|
77,940 |
|
|
- |
|
|
|
|
257,238 |
|
|
184,586 |
|
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|
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Non-current liabilities |
|
|
|
|
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|
|
Debt due to the parent corporation |
|
6 |
|
- |
|
|
83,883 |
Lease liabilities |
|
|
|
5,025 |
|
|
5,777 |
Other liabilities |
|
|
|
6,337 |
|
|
4,900 |
Deferred income taxes |
|
|
|
44 |
|
|
16 |
|
|
|
|
11,406 |
|
|
94,576 |
Equity |
|
|
|
|
|
|
|
Capital stock |
|
7 |
|
207,280 |
|
|
207,280 |
Contributed surplus |
|
|
|
581 |
|
|
581 |
Retained earnings |
|
|
|
61,111 |
|
|
81,919 |
Accumulated other comprehensive income |
|
|
|
69,768 |
|
|
57,568 |
Equity |
|
|
|
338,740 |
|
|
347,348 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
$ |
607,384 |
|
$ |
626,510 |
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial statements. |
|
|
|
|
|
Notes to condensed consolidated financial statements (continued)
Three-month and six-month periods ended
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)
The Corporation's businesses experience significant seasonality due to, among other factors, seasonal advertising patterns, consumers' viewing, reading and listening habits, demand for production services from international and local producers, and demand for content from global broadcasters. Because the Corporation depends on the sale of advertising for a significant portion of its revenues, operating results are also sensitive to prevailing economic conditions, particularly as they may affect corporate advertising spending. In view of the seasonal nature of some of the Corporation's activities, the results of operations for interim periods should not necessarily be considered indicative of full-year results.
1. Basis of presentation
These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the
These condensed consolidated financial statements were approved by the Corporation's Board of Directors on
Certain comparative figures for the three-month and six-month periods ended
2. Revenues
|
Three-month periods
ended |
Six-month periods
ended |
||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Advertising services |
$ |
60,806 |
$ |
67,013 |
$ |
123,821 |
$ |
135,793 |
Royalties (1) |
|
43,928 |
|
33,305 |
|
76,097 |
|
66,614 |
Rental, postproduction and distribution services and other services rendered (2) |
|
26,246 |
|
22,503 |
|
48,054 |
|
43,212 |
Product sales (3) |
|
12,971 |
|
15,939 |
|
25,140 |
|
29,244 |
|
$ |
143,951 |
$ |
138,760 |
$ |
273,112 |
$ |
274,863 |
( 1 ) |
During the second quarter of 2024, a favourable retroactive adjustment of |
(2) |
Revenues from rental of soundstages, mobiles, equipment and rental space amounted to |
(3) |
Revenues from product sales include newsstand and subscription sales of magazines and sales of audiovisual content. |
3. Purchases of goods and services
|
Three-month periods
ended |
Six-month periods
ended |
||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Rights, audiovisual content costs and costs of services rendered |
$ |
76,248 |
$ |
82,052 |
$ |
165,667 |
$ |
178,303 |
Printing and distribution |
|
3,063 |
|
3,663 |
|
6,147 |
|
6,966 |
Services rendered by the parent corporation: |
|
|
|
|
|
|
|
|
|
|
5,045 |
|
5,976 |
|
10,316 |
|
12,105 |
|
|
3,218 |
|
2,269 |
|
6,653 |
|
4,726 |
Building costs |
|
3,940 |
|
4,240 |
|
8,582 |
|
8,630 |
Marketing |
|
4,257 |
|
3,719 |
|
8,652 |
|
8,028 |
Other |
|
7,634 |
|
6,625 |
|
15,944 |
|
13,528 |
|
$ |
103,405 |
$ |
108,544 |
$ |
221,961 |
$ |
232,286 |
4. Financial expenses (income)
|
Three-month periods
ended |
Six-month periods
ended |
||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Interest on debt (1) |
$ |
1,679 |
$ |
260 |
$ |
3,445 |
$ |
509 |
Amortization of financing costs |
|
33 |
|
49 |
|
52 |
|
62 |
Interest on lease liabilities |
|
95 |
|
97 |
|
193 |
|
199 |
Interest income related to defined benefit plans |
|
(374) |
|
(515) |
|
(791) |
|
(1,019) |
Foreign exchange loss (gain) |
|
52 |
|
182 |
|
(56) |
|
274 |
Other |
|
28 |
|
(116) |
|
(92) |
|
(186) |
|
$ |
1,513 |
$ |
(43) |
$ |
2,751 |
$ |
(161) |
([1]) For the three-month and six-month periods ended
5. Restructuring costs and other
|
Three-month periods |
Six-month periods
ended |
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
|
|
|
|
|
|
|
|
|
Restructuring costs |
$ |
232 |
$ |
163 |
$ |
649 |
$ |
1,065 |
Impairment of assets |
|
7,781 |
|
– |
|
7,781 |
|
– |
Gain on disposal of property, plant and equipment |
|
(163) |
|
– |
|
(2,472) |
|
– |
Other |
|
– |
|
(43) |
|
– |
|
(43) |
|
$ |
7,850 |
$ |
120 |
$ |
5,958 |
$ |
1,022 |
Restructuring costs
For the three-month and six-month periods ended
Impairment of assets
During the second quarter of 2024, the Corporation performed an impairment test on the Production and Distribution cash-generating unit ("CGU") due to the competitive industry environment and the slowdown in its volume of activities. The Corporation concluded that this CGU's recoverable amount was less than its carrying amount and a goodwill impairment charge of
Gain on disposal of property, plant and equipment
During the first quarter of 2024, the Corporation closed the sale of a building in Saguenay to the parent corporation for proceeds on disposal of
During the second quarter of 2024, the Corporation also recognized a gain on disposal of assets of $163,000.
6. Long-term debt
The components of long-term debt are as follows:
|
2024 |
|
|
2023 |
||
|
|
|
|
|
|
|
Renewable credit facility – |
$ |
78,000 |
|
|
$ |
84,000 |
Financing costs, net of accumulated amortization |
|
(60) |
|
|
|
(117) |
|
|
77,940 |
|
|
|
83,883 |
Less the current portion |
|
(77,940) |
|
|
|
– |
|
$ |
– |
|
|
$ |
83,883 |
On
Also on
Concurrently, on June 28, 2023, the Corporation terminated its
7. Capital stock
a) Authorized capital stock
An unlimited number of Class A common shares, participating, voting, without par value.
An unlimited number of Class B shares, participating, non-voting, without par value.
An unlimited number of preferred shares, non-participating, non-voting, with a par value of
b) Issued and outstanding capital stock
|
|
|
|||
|
|
|
|
|
|
4,320,000 Class A common shares |
$ |
72 |
$ |
72 |
|
38,885,535 Class B shares |
|
207,208 |
|
207,208 |
|
|
$ |
207,280 |
$ |
207,280 |
|
|
|
|
|
|
|
8. Stock-based compensation and other stock-based payments
a) Stock option plans
Outstanding options |
||||
|
Number |
Weighted average exercise price |
||
|
|
|
|
|
|
|
|
|
|
Balance as at |
393,774 |
$ |
2.42 |
|
Granted |
312,000 |
|
1.35 |
|
Balance as at |
705,774 |
$ |
1.95 |
|
Vested options as at |
151,695 |
$ |
2.78 |
|
|
|
|
|
|
Quebecor |
|
|
|
|
Balance as at |
85,656 |
$ |
31.96 |
|
Granted |
182,000 |
|
29.82 |
|
Balance as at |
267,656 |
$ |
30.50 |
|
Vested options as at |
23,711 |
$ |
31.99 |
|
|
|
|
|
|
b) Deferred stock unit ("DSU") plan for directors
|
Outstanding units |
|||
|
|
Corporation stock units |
||
|
|
|
|
|
Balance as at |
|
|
|
533,955 |
Granted |
|
|
|
43,600 |
Redeemed |
|
|
|
(78,241) |
Balance as at |
|
|
|
499,314 |
For the three-month and six-month periods ended
c) Stock-based compensation expense
For the three-month and six-month periods ended
9. Pension plans and postretirement benefits
The gain on remeasurement of defined benefit plans recognized on the consolidated statement of comprehensive loss for the three-month and six-month periods ended
10. Segmented information
The Corporation's operations consist of the following segments:
- The Broadcasting segment, which includes the operations of TVA Network, specialty services, the marketing of digital products associated with the various televisual brands, and commercial production and custom publishing services;
- The Film Production & Audiovisual Services segment, which provides soundstage, mobile and production equipment rental services, as well as dubbing and described video ("media accessibility services"), postproduction and virtual production services;
- The Magazines segment, which publishes magazines and markets digital products associated with the various magazine brands;
- The Production & Distribution segment, which produces and distributes television shows, movies and television series for the world market.
|
Three-month periods
ended |
Six-month periods
ended |
||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
Broadcasting |
$ |
117,905 |
$ |
115,840 |
$ |
225,568 |
$ |
231,850 |
Film Production & Audiovisual Services |
|
20,023 |
|
12,239 |
|
36,273 |
|
26,511 |
Magazines |
|
8,415 |
|
9,362 |
|
16,034 |
|
18,009 |
Production & Distribution |
|
1,455 |
|
5,882 |
|
3,331 |
|
8,223 |
Intersegment items |
|
(3,847) |
|
(4,563) |
|
(8,094) |
|
(9,730) |
|
|
(143,951) |
|
138,760 |
|
273,112 |
|
274,863 |
Adjusted EBITDA (negative adjusted EBITDA) (1) |
|
|
|
|
|
|
|
|
Broadcasting |
|
7,624 |
|
(4,539) |
|
(13,635) |
|
(27,345) |
Film Production & Audiovisual Services |
|
5,425 |
|
(413) |
|
8,030 |
|
(968) |
Magazines |
|
272 |
|
309 |
|
47 |
|
(58) |
Production & Distribution |
|
(260) |
|
582 |
|
(630) |
|
227 |
Intersegment items |
|
109 |
|
218 |
|
151 |
|
324 |
|
|
13,170 |
|
(3,843) |
|
(6,131) |
|
(27,820) |
Depreciation and amortization |
|
5,592 |
|
6,973 |
|
11,802 |
|
14,155 |
Financial expenses (income) |
|
1,513 |
|
(43) |
|
2,751 |
|
(161) |
Restructuring costs and other |
|
7,850 |
|
120 |
|
5,958 |
|
1,022 |
Loss before income taxes (income tax recovery) and share of income of associates |
$ |
(1,785) |
$ |
(10,893) |
$ |
(26,642) |
$ |
(42,836) |
The above-noted intersegment items represent the elimination of normal course business transactions between the Corporation's business segments.
(1) |
The Chief Executive Officer uses adjusted EBITDA as a measure of financial performance for assessing the performance of each of the Corporation's segments. Adjusted EBITDA is defined as net loss before depreciation and amortization, financial expenses (income), restructuring costs and other, income taxes (income tax recovery) and share of income of associates. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. |
SOURCE